Soyabean On NCDEX Settled Up 0.53% At 3058

Soyabean on NCDEX settled up 0.53% at 3058 tracking firmness in spot demand despite of good crop conditions of soybean in central India. According to Soybean Processors Association (SOPA), India’s soybean output is estimated at 11.49 million tonnes for the year 2016-17. Overall availability of soybean for crushing and direct consumption stood at 11.93 million tonnes, taking into account a carryover stock of 441,000 tonnes. Around 8.5 million tonnes of the overall availability is estimated to be used for crushing.

Farmers are likely to use 1.2 million tonnes for sowing in the ongoing kharif season. As per government data, area under soybean crop across the country for the 2017-18 kharif was 84.6 lakh hectares till last week, down about 17.8% on year. Last year, the acreage was 102.8 lakh hectares. The area under the crop fell as some farmers are shifting to more profitable crops such as cotton, as oilseeds fetched poor returns last season.